Ask Question
13 November, 21:16

Transactions for Ivanhoe Company for the month of June are presented below. June 1 Issues common stock to investors in exchange for $5,830 cash. 2 Buys equipment on account for $1,550. 3 Pays $560 to landlord for June rent. 12 Sends Wil Wheaton a bill for $510 after completing welding work. Journalize the transactions.

+5
Answers (1)
  1. 13 November, 21:47
    0
    The Journal entries are as follows:

    (a) On June 1,

    Cash A/c Dr. $5,830

    To common stock $5,830

    (To record the issue of common stock for cash)

    (b) On June 2,

    Equipment A/c Dr. $1,550

    To accounts payable $1,550

    (To record the purchase of equipment on account)

    (c) On June 3,

    Rent expense A/c Dr. $560

    To cash $560

    (To record the rent expense)

    (d) On June 12,

    Accounts receivable A/c Dr. $510

    To Welding service revenue $510

    (To record the welding service revenue)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Transactions for Ivanhoe Company for the month of June are presented below. June 1 Issues common stock to investors in exchange for $5,830 ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers